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5Trust property and wills

(1)Any property transferred to and vested in AIB NI by virtue of this Act which immediately before the appointed day was held by AIB, whether alone or jointly with any other person—

(a)as trustee or custodian trustee of any trust deed, settlement, covenant, agreement or will, and whether originally so appointed or not, and whether appointed under hand or seal, or by order of any court or otherwise;

(b)as executor of the will of a deceased person;

(c)as administrator of the estate of a deceased person;

(d)as judicial trustee appointed by order of any court; or

(e)in any other fiduciary capacity whatsoever;

shall, on and from the appointed day, be held by AIB NI alone or, as the case may be, jointly with such other person, in the same capacity, upon the trusts, and with and subject to the powers, provisions and liabilities, applicable thereto respectively.

(2)Any existing instrument or order of any court under or by virtue of which any such property became vested in AIB in any such capacity (including in the case of a will any grant of probate thereof), and any provision therein, and any existing contract or arrangement for the payment to, or retention by, AIB of remuneration for its services in any such capacity, shall not fail by reason of anything in this Act, but shall be construed and have effect on and from the appointed day, so far as the context permits, as if for any reference therein to AIB (not being a reference, however worded and whether express or implied, to terms and conditions of, or to a scale of fees of, AIB) there were substituted a reference to AIB NI.

(3)Notwithstanding any rule of law or practice, including any such rule arising by reason of any adjudication or provision by a court having jurisdiction outside the United Kingdom, any will the executorship, administration or trusteeship of which is comprised in the Northern Ireland banking business and made before the appointed day which has not been proved in any part of the United Kingdom before the appointed day, being a will which appoints AIB to be an executor, trustee or recipient of any property as trustee, shall be construed and have effect as if for any reference therein to AIB as such executor, trustee or recipient or otherwise in connection with such appointment (not being a reference, however worded and whether express or implied, to any terms and conditions of, or to a scale of fees of, AIB) there were substituted a reference to AIB NI.

(4)No testamentary gift shall be adeemed by reason only of the operation of any of the provisions of this Act.

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